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BLS E-Services IPO is a book-built issue of Rs 310.91 crores. The issue is entirely a fresh issue of 2,41,30,000 shares.
The IPO opens for subscription on January 30, 2024, and closes on February 1, 2024. The face value is ₹10 per share with the price band set at ₹129 to ₹135 per share and the minimum lot size for an application is 108 Shares
Company Summary
This company is a leading technology-enabled digital service provider, providing (i) Business Correspondents services to major banks in India, (ii) Assisted E-services; and (iii) E-Governance Services at grassroots levels in India.
Through their robust network, they provide access points for the delivery of essential public utility services, social welfare schemes, healthcare, financial, educational, agricultural, and banking services for governments (G2C) and businesses (B2B).
As a part of operations, they act as business correspondents to provide banking products and services on behalf of banks to people through their Subsidiaries, namely ZMPL and Starfin.
They also provide a variety of assisted e-services through retailers and digital stores also known as BLS Touchpoints, including PoS services, ticketing services, assisted e-commerce services, etc.
Their EGovernance Services, enable the provision of citizen-centric and front-end services through BLS Touchpoints ranging from birth and death certificates, PAN and Aadhar registrations, property registrations, and other citizen-centric services in a transparent and accountable manner.
Further, the Company has entered into an MOU with the National e-Governance Division (“NeGD”) for agent-assisted delivery of a unified mobile application for new-age Governance (“UMANG”) services into its digital platform, offering convenient access to E-Governance Services.
Company Strengths
They utilize a “phygital” strategy (i.e., physical and digital) that integrates technologically over 92,000 merchant distribution outlets (comprising of BLS Touchpoints and BLS Stores) for assisted payment solutions, remittance, travel, education, and insurance products, with a one-stop digital online platform for all of their offerings.
They acquired Starfin in August 2018 and ZMPL in June 2022, which had 1,384 active CSPs and more than 11,500 active CSPs, respectively at the time of acquisition.
Further, in October 2022, they acquired BLS Kendras Private Limited, which had 365 Sewa Kendras, in the State of Punjab at the time of acquisition. Sewa Kendras provides E-Governance Services in two out of three zones in the State of Punjab.
They promote sustainable livelihoods and economic self-reliance for the women, rural poor, and unbanked by linking them to banking, financial, and insurance services and promoting financial, social, and digital inclusion. Their online portal allows them to serve citizens and businesses throughout their entire digital journeys.
Company Financials
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 213.77 | 179.47 | 55.3 | 40.9 |
| Revenue | 158.05 | 246.29 | 98.40 | 65.23 |
| Profit After Tax | 14.68 | 20.3 | 5.38 | 3.15 |
| Net Worth | 120.37 | 106.94 | 15.07 | 9.68 |
| Total Borrowing | 0.00 | 0.00 | 8.76 | 11.02 |
Amount in Crore |
Objectives of the IPO
- Strengthening the technology infrastructure to develop new capabilities and consolidating their existing platforms.
- Funding initiatives for organic growth by setting up BLS Stores.
- Achieving inorganic growth through acquisitions.
- General Corporate Purposes
Company Promoters
BLS International Services Limited is the Promoter of the Company and the promoters of BLS International are Alka Aggarwal, Diwakar Aggarwal, Gaurav Aggarwal, Madhukar Aggarwal, Shikhar Aggarwal, Sushil Aggarwal and Vinod Aggarwal.
IPO details
| IPO Date | January 30, 2024 to February 1, 2024 |
| Listing Date | Tuesday, February 6, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹129 to ₹135 per share |
| Lot Size | 108 Shares |
| Total Issue size/Fresh Issue | 23,030,000 shares (aggregating up to ₹310.91 crore) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
IPO lot Allocation details
| Application | Lots | Shares | Amount |
| Retail(Minimum) | 1 | 108 | ₹14,580 |
| Retail(maximum) | 13 | 1404 | ₹189,540 |
| Small-HNI(Minimum) | 14 | 1512 | ₹204,120 |
| small-HNI(Maximum) | 68 | 7344 | ₹991,440 |
| Large-HNI (Minimum) | 69 | 7452 | ₹1,006,020 |
Allotment Schedule
| Basis of Allotment | Friday, February 2, 2024 |
| Initiation of Refunds | Monday, February 5, 2024 |
| The credit of Shares to Demat | Monday, February 5, 2024 |
| Listing Date | Tuesday, February 6, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 1, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Net Issue |
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